Quick real estate news summary for the week
Homebuyer preferences change as pandemic continues, Nikko-branded hotel for Niseko, and Singapore funds see value in Japan’s logistics market. Below is a quick weekly summary of some of the recent goings-on in the Japanese real estate market.
Japanese residents stay, while foreigners exit central Tokyo
The population of the Tokyo metropolitan area as of November 1 had dropped by 7,358 from the previous month to 13,847,040 residents. This is the first time since 1993 that the month of November had seen a month-on-month decrease. Recent news articles have been pointing the finger at the work-from-home trend and an exodus to surrounding prefectures as the main cause of the decline, and while that may be the cause for some of the numbers, the same articles gloss over the startling outflow of foreign residents.
Abandoned temple grounds to be nationalized in country-first
The grounds of an overgrown and abandoned temple in Shimane Prefecture will be acquired by the national government in what will be the first of its kind.
A forecast of new apartment prices between 2020 and 2025
on November 26, the Japan Real Estate Institute (JREI) issued their most recent medium-term forecast for new apartment prices in Tokyo’s 23 wards. In 2020, the average price is forecast to be 1,071,000 Yen per square meter (approx. US$956/sq.ft). This is a slightly higher revision from their earlier forecast issued last year.
A second LOOK at land prices since the pandemic
The Ministry of Land, Infrastructure, Transport, and Tourism (MLIT) published their quarterly LOOK Report on November 19. With a survey point of July 1, this is the second report covering changes in land prices since the coronavirus pandemic took hold.
Quick real estate news summary for the week
Apartment rents in Greater Tokyo reach new high, new apartment supply up 67%, home loan tax deduction could soon apply to smaller residences, and Niseko to implement limits on hot spring drilling. Below is a quick weekly summary of some of the recent goings-on in the Japanese real estate market.
100+ year old home in Shibuya saved from demolition
The historic former home of Tamanosuke Kume (1861-1931, a politician and civil engineer, will be relocated to a city-center location in Kume’s hometown of Numata, Gunma Prefecture. Demolition was initially scheduled to start on September 1, but the home has been spared thanks to the efforts of local preservationists.